Best Banks For Trust Accounts In September 2024 (2024)

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Ally Bank is one of the best banks for fee-free trust bank accounts because it charges no fees specific to trust accounts and offers many account options for either revocable or irrevocable trusts. This includes checking accounts, savings accounts, CDs and money market accounts. In addition to no trust fees, there are no monthly maintenance fees, overdraft fees, low balance fees or other significant fees to speak of for any account.

Read our full Ally Bank Review.

It’s quick and simple to open a trust account online with Ally, and you can also convert non-IRA accounts into trust accounts. Ally allows for multiple trustees on each trust bank account as well.

You will need to provide a Certification of Trust when opening a trust account. Other written trust agreement documents are accepted if this is not available. To apply for a trust checking, savings, money market or certificate of deposit with Ally, you will choose the product you’re applying for and indicate that it’s for a trust.

Betterment is one of the best banks for investment trust accounts because it caters to both revocable and irrevocable trusts with its personal investing and cash accounts. Betterment Cash Reserve accounts earn 5.00% variable APY on all balances and are FDIC-insured. Plus, Betterment requires minimal documentation for trust accounts. You can open an account online, convert a personal account, add multiple trusts and give different trustees their own logins. Betterment also lets you automate cash transfers to a beneficiary to simplify asset management.

Read our full Betterment Review.

There are no fees for Cash Reserve, but you need a personal Betterment brokerage account to qualify. Investing plans start at $4 a month.

To open a trust account with Betterment as a new customer, you will need to follow the steps to first open an investment account and invest in a portfolio of assets. Choose “Trust” when asked what you’re saving for to access the trust account application. Trusts must be U.S. domestic trusts in good standing and authorized to trade U.S. securities. Contact Betterment at [email protected] to add multiple trustees to your account or for other questions about trusts.

Alliant Credit Union is one of the best credit unions you can choose for opening a trust bank account because it provides four account options for trusts, including a high-yield savings account, supplemental savings account, high-yield checking account and CDs. The Alliant Credit Union High-Rate Checking account has no monthly service fees or minimum balance requirements and earns 0.25% APY, and the Alliant Credit Union High-Rate Savings account and Alliant Credit Union Supplemental Savings account pay up to 3.10% APY. Alliant’s CD rates are competitive with the best CD rates available.

Read our full Alliant Credit Union Review.

To join Alliant and open a trust account, you can become a member of the non-profit Foster Care to Success for a one-time $5 membership fee, paid on your behalf by the credit union.

To earn 0.25% APY on checking, you must receive a single monthly electronic deposit and sign up for eStatements. To earn 3.10% APY on savings, you must maintain an average daily balance of $100 or more. The High-Rate Savings account charges a $1 monthly paper account statement fee you can waive by electing eStatements. You can open trust accounts as a new or existing member. You will need to provide a copy of your trust agreement or Certification of Trust to apply for a trust bank account. Alliant offers NCUA insurance coverage up to $250,000 per account, per depositor.

Fidelity earned a spot on this list of best banks for trust accounts—despite actually being a brokerage firm—because it offers trustee services in addition to multiple trust account options. Trusts can open either brokerage or cash management accounts, and Fidelity also provides optional trustee services through Fidelity Personal Trust Company. The company can serve as trustee or co-trustee to help with trust administration, record keeping, asset distributions and more.

Read our full Fidelity Investments Review.

Fidelity charges a $4,500 minimum fee for its administrative trustee service and a $3,375 fee to act as an agent for the trustee. These personal trust service fees are relatively low.

You will need a copy of your trust agreement on hand to open a trust account with Fidelity. Personal trustee services are optional. You do not need to have a personal brokerage account with Fidelity to open a trust brokerage or cash management account. Notarized paper applications are required in California, Delaware, Idaho, Iowa, Kansas, Michigan, Minnesota, Mississippi, Nebraska, Nevada, South Dakota, Tennessee and Vermont

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On Synchrony Bank's Website - Member FDIC

Synchrony Bank is a top bank for trustees with plans to save because it offers money market accounts, CDs and savings accounts for revocable and irrevocable trusts. These accounts feature competitive APYs and have no minimum balance requirements. This bank also provides better cash availability than most, supplying ATM cards to grantors who serve as trustees of revocable trusts for its High Yield Savings and Money Market accounts. Synchrony also reimburses some ATM fees for out-of-network transactions.

Read our full Synchrony Bank Review.

Though Synchrony is an online bank, it requires you to mail your trust application with documentation.

Trust account applications require you to provide personal information for all trustees and copies of your trust title page, signature and notary pages and pages showing the names and appointments of trustees. Only personal U.S. trusts qualify. All trustees must complete and sign the application before mailing.